An executor or administrator is responsible to complete estate settlement. There are many aspects to settling an estate. The fiduciary must identify estate assets and actively seek to collect the assets. Additionally, an estate representative must ascertain the various debts and claims which may be outstanding. Also, expenses of administering…
One of the most valuable assets in an estate is typically real estate. This asset is usually the decedent’s residence. Since real estate predominates as an estate asset, many aspects of real estate law can be involved in estate settlement. Also, estate litigation in the Surrogate’s Court often concerns this…
A decedent’s estate may consist of many types of assets. These may include bank and other types of financial accounts, retirement funds and real estate. Another very common asset owned by decedents is an interest in a cooperative apartment. A cooperative apartment, or co-op, is not real estate. In fact,…
After the death of an individual, a process of ascertaining and collecting assets needs to commence. Of course, the appointment of an estate fiduciary, whether executor or administrator, is essential to the asset collection process. In the event a delay is expected with regard to probating a Last Will or…
The New York Surrogate’s Courts are presented with many different types of proceedings. Those proceedings include probate cases, intestate administration matters and accounting proceedings, just to name a few. There is a separate Surrogate’s Court located in various counties throughout the state. For example, there is the Queens County Surrogate’s…
New York estate litigation encompasses many different aspects of trust and estate law. Controversies may arise in many types of proceedings. In the case of a probate proceeding, the most obvious area of dispute concerns the validity of a Last Will and Testament. This type of controversy is known as…
It takes a lot of time and effort to create a New York estate plan. A testator needs to fully access his assets and make decisions regarding the provisions to include in a Last Will and Testament. It is important to determine who is to be a beneficiary as well…
There are essentially two (2) different paths to follow for the appointment of a fiduciary after someone dies. In order to administer and settle an estate, there must be an executor or an administrator. If the decedent left a Last Will and Testament, then a probate proceeding is going to…
Article 81 of the Mental Hygiene Law contains the provisions regarding the appointment of a Guardian. As discussed in many earlier posts in the New York Probate Lawyer Blog, the statutes provide for the appointment of a property management Guardian and also for a personal needs Guardian. When an application…
Estate planning in New York involves many different aspects. Initially, a person needs to consider and develop the manner in which an estate is to be distributed. Decisions need to be made concerning the various beneficiaries who are to receive distributions. Also, the amount of payment to each beneficiary under…